Pentamaster Corp Bhd will establish an automated solution company on the Hong Kong Stock Exchange (HKEX) via listing of Pentamaster International Ltd (PIL).
The corporate exercise will see Pentamaster reduce its stake in PIL from 92.6% to 63.1%, and thus remain a subsidiary of the group.
The corporate exercise will see Pentamaster sell its auto- mated equipment and manufacturing assets under Pentamaster Technology (M) Sdn Bhd, Pentamaster Equipment Manufacturing Sdn Bhd and Pentamaster Instrumentation Sdn Bhd to PIL for RM86.78 million, involving the transference of 15.86 million shares.
The HKEX listing of the automated solutions business is aimed at expanding its customer base and enabling clearer segregation of business responsibilities and operations as an individual entity, Pentamaster noted in an exchange filing yesterday.
Prior to the listing, PIL intends to increase its authorised share capital from HK$380,000 (RM205,200) to HK$50 million via the issuance of 4.96 billion new shares.
The company will undertake an offer of 368 million new shares to the public and selected professional, institutional or other investors, which will represent 23% interest in its issued and paid-up share capital.
The corporate exercises are expected to be completed by the first-quarter of next year. — TMR